Deal Overview |
Buyer:
Evolve Financial Group, Inc. (Click for buyer financial information)
|
Target:
Parkin Bancorp, Inc. (Click for target financial information) |
Deal Type:
Bank & Thrift Company |
Announcement Date |
2/25/05 |
|
Announced Deal Value ($M) |
3.0 |
Status |
Completed |
|
Announced Deal Value Per Share ($) |
NA
|
Completion Date |
8/2/05 |
|
|
|
|
Evolve Financial Group has agreed to acquire Parkin, AR-based Parkin Bancorp Inc. and its unit First State Bank. With the acquisition, Evolve will become a bank holding company. Parkin is currently ranked No. 3 in Cross County, AR with a 4.9% share of about $288.6 million in deposits. Parkin also operates in Crittenden County, AR, where it's ranked No. 6 with a 0.8% share of about $430.5 million in deposits. Ratios are based on Dec. 31, 2004 small parent equity of $561,000 and LTM net income of $24,000. Seller's financials are for First State Bank.
|
|
Deal Pricing Ratios |
Price / Book (%) |
529.06 |
529.06 |
Price / Tangible Book (%) |
529.06 |
529.06 |
Price / LTM EPS (x) |
NM |
NM |
Price / Deposits (%) |
16.64 |
16.97 |
Price / Assets (%) |
13.24 |
13.49 |
Tang Book Premium / Core Deposits (%) |
17.85 |
18.31 |
|
Deal Terms
|
Description
of Consideration
Evolve paid two times the tier 1 capital of First State Bank less Parkin's indebtedness in cash. As of Jan. 31, First State Bank's tier 1 capital equaled about $2,401,126 and Parkin had about $1,834,333 in debt. Target financials are for Evolve Bank & Trust.
|
Accounting Method |
NA |
|
Lockup Agreement |
No |
In-State Transaction? |
No |
|
Strike Price ($) |
NA |
Merger
of Equals? |
No |
|
% of Shares Outstanding |
NA |
Geographic
Expansion? |
Market Expansion |
|
Shares Under Option |
NA |
Goodwill Generated ($000) |
NA |
|
Core Deposit Intangibles ($000) |
NA |
Estimated
Cost Savings (%) |
NA |
|
Est. Restructuring Charges ($000) |
NA |
Termination Fee ($000) |
NA |
|
|
|
|
|
|
Cash ($M) |
|
3.0 |
Common Stock ($M) |
|
0 |
Common Shares Issued |
|
0 |
Preferred Stock ($M) |
|
0 |
Preferred Shares Issued |
|
0 |
Debt ($M) |
|
0 |
Other ($M) |
|
0 |
|
Deal Advisers
Financial Advisers |
Buyer |
NA |
NA |
|
Seller |
Yes |
DD&F Consulting Group |
Legal
Counsel |
Buyer |
Yes |
Butler Snow LLP Wyatt Tarrant & Combs |
|
Seller |
Yes |
Baker, Donelson, Bearman, Cald McAfee & Taft |
|
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